....and my girl just wants a cheap-o ring. What a predicament to be in haha!
My real issue is that I'm afraid she simply says she'll be happy with it, but will later on down the road be resentful when everyone asks what carat size, and other diamond related questions. I'm thinking about James Allen diamond rings, a very nice .7 carat stone in a simple setting can be quite a bargain compared to brick and mortar stores. I've checked out Blue Nile, can't even view three quarters of their inventory...
So, my real question here is, is there any practical reason to get a diamond engagement ring beside traditional reasons? I've researched hardness and apparently all diamond alternatives are inferior, moisanite being the best.
In my research I've also come across a few diamond blogs (Your Diamond Teacher and Diamond Pro) who seemed to have some pretty helpful posts, I can't help but think it's simply a racket to get readers to pay up for a diamond. No matter what a steal the deal is, they get their cut...
When she says cheap-o ring, what does she mean? Does she mean a band, an inexpensive gemstone ring, a costume jewelry ring? I think you need to talk with her and say that you want to get her something she loves and will wear, and to get a little more guidance on it. Because a "cheap-o ring" is really not enough to go on. And yeah within reason get her what she likes. Also don't listen to those who say even if you gf wants a diamond ring, don't get her one. It's really between you and her. As far as value, diamonds and most jewelry don't hold their value (the resale is if you are lucky 25-50% of what you spent on it). The value in getting a precious stone/expensive ring is in making the person happy who is wearing it. It's up to you to assign what value you hold to that.
As far as benefits of diamonds they are the hardest natural substance (Mohs 10) which is why you can see antique diamonds still in good shape, that just need a polish to continue on. The next hardest is corundum (sapphires and rubies) which is why those are also very popular to wear as far as gemstones on an every day basis.